By Michael Susin
Benchmark Holdings said that third-quarter pretax loss substantially narrowed driven by a robust fall on costs and said that it is performing within market expectations.
The aquaculture biotechnology company posted a pretax loss of 4.7 million pounds ($6 million) for the three-months period ended June 30, compared with a loss of GBP11.2 million a year ago.
The company said that the loss reduction was driven by net finance costs as a result of foreign exchange movements.
The company added that revenue for the period fell 6% to GBP34.3 million, with growth in genetics business offset by lower revenues in advanced nutrition due to continuing softness in shrimp markets.
Benchmark said fiscal 2023 performance is in line with market expectations.
“Conditions in the salmon [market] remain favourable while the global shrimp markets are expected to remain unchanged for the rest of the year,” the company added.
Write to Michael Susin at [email protected]
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